25 Apr How AI is Affecting the Field of Sales and Marketing
As sales and marketing teams search for the best ways to advance, they’re turning more often to AI-integrated tools to propel them forward. AI tools provide the ability to work faster, smarter, and more seamlessly than ever before. According to Gartner research, 30 percent of companies globally will use AI in their sales process by 2020.
AI sales platforms can automate previously manual processes, quickly analyze large amounts of data, and optimize the sales funnel. In doing so, they provide massive innovation to sales teams and give them a leg up over the competition. Here’s how:
AI Helps Identify and Grow Leads
One of the most pertinent innovations AI brings to sales teams is its ability to identify the best potential leads in the pipeline faster. Sales professionals spend a significant amount of their time deciding which prospects are likely to convert to sales and are, therefore, worth focusing their efforts on. This process is largely based on gut instinct and a salesperson’s ability to judge a prospect’s potential and lacks definitive information. However, with AI, leads can be identified in a more conclusive way.
AI sales tools, like Oracle apps for example, have integrated technology that gathers highly detailed information on customers and companies to better qualify potential leads. This data is processed via AI’s machine learning capabilities and is used to predict the likelihood of a sales conversion. AI platforms will rank each opportunity based on its chances for success, allowing salespeople to make the best use of their time and focus on the most optimized leads.
AI Helps Forecast Performance
Sales managers face the task of predicting how many sales deals will be closed and how much revenue will be brought in by the end of each month. They have to analyze the prospect funnel, (each employee’s potential to reach their sales quota), and how much money each deal will bring in. According to TAS group research, 63 percent of salespeople miss their sales quotas. With AI platforms, that number becomes significantly lower.
AI algorithms can gather each person’s historical data on previous sales, workflow, and success rates. They can then organize all of that information in a dashboard with predictions for how many deals are likely to be closed, how much revenue will be brought in, and whether or not the company will reach their goals for any given month. By automating this process, AI frees up time for managers to focus their efforts on the employees who need help hitting their goals and ensuring that quota is met.
AI Increases Productivity
Among the most useful applications of AI sales tools is the inclusion of a virtual assistant. Everyday administrative tasks take up a significant amount of time in any business. By offloading those responsibilities, salespeople have more time to focus on their prospects and doing the work necessary to move themselves and their organizations forward.
Virtual assistants most often come in the form of chatbots that can handle tasks like scheduling meetings, sending out reminders, making appointments, and processing payments. These time-consuming tasks previously took up more than 50 percent of employees’ time, pulling them away from their more important work. AI tools help cut that time in half and enhance productivity.
As AI becomes integrated into more sales tools and applications, its impact will prove to be tremendous. From automating managerial tasks, to better predict the most optimal sales landscape, AI sales platforms create more effective and efficient workflows. According to Accenture, AI will create $14 trillion in additional revenue by 2035. So, not only do AI sales tools boost productivity, but it will also help companies score more deals and increase earnings in the future.